UK water utilities up after Ofwat's bill increase boosts optimism
** Shares of water utility companies climb as British water regulator Ofwat allows average bills to be raised by 21%
** Pennon, which also named Laura Flowerdew as new CFO , up 7.6% at 666p
** Severn Trent SVT.L up 3% at 2,694p; United Utilities UU.L up about 2.4% at 1,091.5p
** Regulator says for the next five years, companies will be able to increase average bills by 94 pounds ($120.87)
** The proposal from Ofwat was lower than asked by water companies
** Analysts at J P Morgan say the draft determination from the regulator should be received well by investors
** Adds that Pennon's South West Water and Severn Trent receiving outstanding status should mean that they perform better
** Ofwat is due to publish a final decision on future bills and investment on Dec. 19
($1 = 0.7777 pounds)
Reporting by Radhika Anilkumar in Bengaluru
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